Making Tax Digital
Making Tax Digital (MTD) is an HMRC initiative designed to ensure the UK tax system is effective, efficient and easier for taxpayers to use.
Rules introduced under this initiative mean that VAT registered businesses with taxable turnover above the VAT registration threshold (i.e. £85,000) need to keep digital records and submit VAT Returns to HMRC using functional compatible software.
This will come into effect for VAT periods starting on or after 1 April 2019.
VAT registered businesses with turnover on or below the threshold can sign up to MTD for VAT if they wish.
More information can be found here or speak to one of the PKF UK & Ireland Offices - Locations.
Please get in contact if you have any questions, we would be happy to help you.